Both players and owners must agree to a final vote of approval, but that is merely a formality at this point.

After 16 hours of discussions Friday (and into Saturday morning), David Stern and Billy Hunter held a joint press conference just before 4 a.m. announcing the long-awaited handshake deal.

"We've reached a tentative understanding that is subject to a variety of approvals…but we're optimistic that it will all come to pass," Stern told a patient crowd of stakeout reporters.

Training camp is set for Dec. 9. The season is set for 66 games and will open Christmas Day with an exciting tripleheader featuring Boston vs. New York, Chicago vs. the Los Angeles Lakers, and an NBA Finals rematch between Miami and Dallas.